ASA Asa Resource

TIDMASA

RNS Number : 8052M

ASA Resource Group PLC

01 August 2017

Asa Resource Group plc (in Administration)

("Asa," or the "Company")

Appointment of joint administrators

On 28 July 2017, the Company announced that it had requested a suspension of trading of its shares with immediate effect pending clarification of the Company's financial position and that the board of directors was taking advice from insolvency practitioners as to the most appropriate course of action they should take.

On 30 July 2017, having carefully considered the financial position and prospects of the Company the board appointed Mark Skelton and Trevor Birch of Duff & Phelps Ltd as joint administrators (the "administrators") of the Company with immediate effect. The notice of appointment was filed at Court on 1 August 2017.

It should be noted that at present the administrators will not consent to a transfer of shares in the Company during the course of the administration. If this changes shareholders will be updated accordingly.

It is the current intention that the Company's subsidiaries (together with Asa, the "Group") will continue to be managed by their existing management teams so as to ensure that the administration of the Company causes as little disruption as possible to the day to day operations of those businesses.

One of the immediate tasks of the administrators will be to undertake an investigation into the prior affairs of the Company. This will include investigating the activities and banking affairs of Asa Resource Group Inc and Asa Resource Group Limited and the relationships and dealings between Asa and other companies in the Group or third parties connected with the Company or any other companies in the Group. In addition to investigating the activities set out above, the administrators will work with the Group's key stakeholders to decide the best way forward for the Group.

The administrators will make their reports to creditors and any other applicable parties as soon as possible and in accordance with their statutory duties arising under the provisions of the Insolvency Act 1986.

Accordingly, pending the outcome of the above-mentioned administration process and resolution and clarification of the group's financial position, the Company's ordinary shares will remain suspended from trading on AIM until further notice.

Further announcements will be made by the Company as appropriate.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Contact

For more information http://www.asaresourcegroup.com/ or contact us below.

Asa Resource Group plc (in Administration)

One Fleet Place, London EC4M 7WS

communications@asaresourcegroup.com

Nominated Adviser and Broker

SP Angel Corporate Finance LLP

Prince Frederick House, 35-39 Maddox Street, London W1S 2PP

John Mackay, Jeff Keating, Caroline Rowe

Tel: +44 (0) 20 3470 0470

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

August 01, 2017 11:52 ET (15:52 GMT)

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